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Non-Tech : Office Product Stocks - ODP/SPLS/OMX/VKNG/CEXP/OFIS/BOP
SPLS 10.250.0%Sep 28 5:00 PM EST
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To: AL TOTH who wrote ()4/9/1997 10:22:00 PM
From: AL TOTH   of 297
 
The retail and distribution side of the office product industry
have and are going through interesting phases of evolution.
Initially there was the formation of public companies that grew
by opening many superstores or in the case of the distribution side
purchasing many independent contract stationers. The end result of
phase 1 was 3 major companies in retail; ODP,SPLS,and OMX//5 major
companies in distribution;BOP,CEXP,OFIS,VKNG,and BTF. Most independent
companies of any size have been purchased by these 8 players.

Because this consolidation and new store process happened so fast,
many of these companies were priced as growth stocks with high PEs.
However phase 2 is now occurring. Growth now comes at the expense of the other major players and consolidation is now being attempted
among themselves with ODP and SPLS trying to start it.

It has made for a very interesting industry for stock market traders
and investors. Companies with high PEs are one by one getting their
stock prices slaughtered because they cant maintain growth company
revenue and earnings increases. Recent casualties are CEXP and VKNG.
Some of these companies are either great longs or shorts.

This thread can be utilized to give our views on that.Or who we
think will buy out whom. I am a full time trader who mainly works
tech stocks, but I must admit I have made more $$$ on investing
in office product stocks than techs,the reasons of which I will cover
later.

AL
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